The Bismarck Tribune Newspaper, October 30, 1929, Page 1

‘ North Dakota’s Oldest Newspaper a ae ESTABLISHED 1873 WALL STREET CRASH BCHOES CARRY NOTE OF OPTS TODAY Fundamental Soundness of Business Pointed Out by Financial Leaders DIVIDENDS ARE DECLARED eT — ‘Stock Prices Now Ridiculously | Low and Are Real Bar- | gains,’ Said Raskob . Oct. 30.—()—A note of ' heard today amid the ‘ echoes of a Wall Street crash in 3 which a tidal wave of 16,410,030 shares overwhelmed the stock mar- ket, breaking all records. The note was struck in the last minute rally yesterday that lifted prices from the depths to which they ; had been swept by the torrent of is heard in the announce- it United States Steel and American Can company had declared an extra dividend of $1 and that American Can had increased its an- nual dividend rate from $3 to $4. The note was repeated in the statements of John J. Raskob and other financial leaders. who declared the fundamental soundness of busi- ness and the present price of stocks offered an attractive opportunity for the investor. Broke All Records But before a series of huge buying orders, flung into the rutig: Tan the lest 15 minutes of tr . ie dammed the flow, the third and big- |"@Beher-flyer as gest selling wave had hit the market j " a within a week. The volume of trade | op light from troke the record of 12,894,600 shares | foundiand. set last Thursday and eclipsed Mon- | day's volume of 9,212,800 shares. On the curb exchange a new rec: ord of 7,096,300 shares was establish- ed. Although the volume on the stock exchange exceeded anything in the annals of its 100 years or more, trad- ing was orderly and the ticker was only an hour and 52 minutes late. Last Thursday it ran four hours and 30 minutes after the 3-p. m. closing gong. The size of the blocks of stock in- dicated the ira of Sut — speculators wi ad been selling hysteria. Blocks from 10,000 to 80,000 shares were offered for what they could bring. Support Efforts Fail Under these ponderous masses, ef- forts to support the market crumpled to England. career until the rally at the close to 14 points after they had 12 to 38 points in the collapse. ‘The market upheaval wiped speculators by thousands and cut {and hu quoted prices nearly in half, wiping out approximately $25,000,000,000 in quoted values. The group of bankers who have! been cooperating in efforts to stabi- lize the market announced through their spokesman, Thomas W. Almont of J. P. Morgan and company, that they would continue their efforts. John J. , Democratic Na- tional chairman and member of the finance committee of General Motors, said concerning the market situation: i [ ‘Levels Ridiculously Low’ “The present decline has carried! Prices in many instances to | ' ridiculously low with the result that nearly all the standard (Continued on page nine) FIVE PERSONS HURT i ie lf a3 i A] ER i f i i ship with the ides in the afternoon. But late afternoon it began harder. — i vacant s Li ail FE Hi |, across the Atlantic nward | Albuquerque, N. M., Oct. 30.—— a ang prices continued their dow! Pf peg g ‘wy which brought leading issues back 4 |Storm which forced down the Western THE BISMARCK TRIBUNE BISMARCK, NORTH DAKOTA, WEDNESDAY, OCTOBER 30, 1929 . STOCK PRICES TURN UP NORTH DAKOTAN RESCUED OFF Kr) Person: ship. hrew him Doug! and and Barnes county | City. into the sinking. J. Meno, il | i i f wie i : itt i H & i fl ad 8 i i Bek E : i : ia i i oe BE F . He HH iy E i aif i | | ReOgng 1] F ; g ? waukee expects to return to SINKING SHIP LAUDS CAPTAIN River Murder ‘Mystery Girl’ ‘ Haggard Eckelson Man | scribes Lake Tragedy That Cost Lives of Nine [JOINT PROBE I$ LAUNCHED] j today; alive to tell the story of those men who go down to the sea in Nine such men are dead toda: same end that met the steamer on which they rode, the Wisconsin, but the words he spoke with paprsend lips painted a picture of a m whose buffeting about from his berth as fully to sleep, and the crashing of dishes in the y next door wore on his jangled sjostrand had unstinted praise for . las Morrison for his calm- village Steamship pany joined today in an investigation supervising inspector | Wichita, Kas., Oct. 30.—()—Tears ‘inspection steamship . had charge of F i 5 E ii : H th g ! g : Te it iH ? i z = = i if H I scued, 9 Drowned and 2 Unaccounted for the | that Kraft had jumped or fallen over- board. Eckelson. a! near Valley | andor three employes who had to stay i Hy rf The Weatlier Partly cloudy tonight and Thurse day. Slightly warmer Thursday, PRICE FIVE CE $0 TO $30 PER SHAR Proves As Battling As Crime New Orleans, Oct. i in tout | Tone Ord, “mystery girl” in Louisi- lana’s most sensaticnal murder caw {in years, writes the book that has been her dream for more than a year, ;she will have plenty of material to work on. She started out to travel about America to get material and she got it—with a vengeance. Now she is lodged in a New Orleans prison, held as a material witness in the mysterious murder of Jack Kraft, her traveling companion who was shot to death and tossed overboard {from the steamer Creole as it came jup the river toward New Orleans one night recently. Miss Ord is an enigma. She is cul- jtured and reserved. She says she jcomes from a good family and was ‘educated in France, and she seems to jhave had an excellent education. She {speaks French and Spanish fluently. {But she will not reveal the identify jor whereabouts of any relatives. ; She was touring the United States ;With Kraft, seeking material for a jbook. As the steamer Creole ap- ;Proached New Orleans she and Kraft had a quarrel. John McGouldrick, second officer of the Creole, heard | Miss Ord scream and was told by her that Kraft had slapped her. A few {minutes later there came a cry of an overboard.” and McGouldrick, {hurrying to the spot where Kraft and Miss Ord had been standing, learned But when Kraft’s body was recov- ered it was found that he had been shot to death. ‘Then came another surprise. A Ict- ter from miss Ord to McGouldrick was intercepted revealing that the girl was in love with the young of- ficer, and not with Kraft. How Kraft met his death seems! {impossible to figure out. McGould-! fone Ord People who were standing on the deck near Kraft just feoreeard “man over-| information about herself or sheds board” cry was raised heard no shot '@y new light on the murder. fired. The girl is as deep a mystery as Miss Ord has been subjected to long | the crime itself. "| THOUSANDS OF WOMEN POORER BUT WISER IN STOCK DEBACLE —_—_____—_______-+! i For Crying Aloud! ||Society Matrons, Debutantes, | _Ain’t This Weepy? Teachers, Stenographers i iv Wiped Out in Crash i ° j Streaming from their eyes, a dozen peseraipidinpreige meng thndiprey te dashed into the street from ti National bank here and for half an ‘NEVER AGAIN! SOME SAY hour wept on the sidewalk while | ee en oyyrige nny * P| More Uncertain Than Men, Fe- An employe, who " = N cared tie eee Pry; male Customers Suffer Men: + tal Strain and Agony tripped a lever, releasing a dozen tear bombs not intended for use, Nobody cried as much as the two New York, Oct. 30.—(4)—Thousands of women, erstwhile speculators, turned to their bridge tables toda | Poorer but wiser in the ways of Wall Street. Attracted by the profits to be made during the past year, women of all classes, society matrons, debutantes, teachers and stenographers have been in the market. jinside to see that nothing was dis- turbed. ‘RUTH SAXVIK STILL { UNCONSCIOUS BUT The slump which began a week ago } and culminated in yesterday's record 6 9 breaking crash gave the majority of i them their first baptism of fire and wiped many of them out. Brokers said their experiences with Martha Minge, Hazen Girl, Also Is Reported Improved in Mandan Hospital sold out caused hysteria and some of them fainted. Ruth I. Saxvik, 13, who was criti-| Most of those who survived the ‘to | mittee, Otto H. Kahn has declined aif Hi I i ; i [ | elt tt et I f rant g Fi g ee tits if F | E i Spendthrift son Money Baron, Deserts His Wife and Baby Father Proves Alimony Savior of Young Wife millionaire Chicago Board of Trade operator, created a “spendthrift” fund for his dissolute son, William J. Tut- tle, he probably foresaw it might be- come a “divorce” fund. The “spendthrift” fund of the lege Dawson land baron was both an aft- erthought as well as forethought for Previously in drawing up his will he had bequeathed his errant offspring only $10 to buy a mourning ring and the memory of a misspent youth. The fund was created and inserted in the will as a codicil. The fund consisted of $100,000 in securities and $150,000 in land, the income from which was for the main- tenance of his son as a gentleman during the son's lifetime. “Colonel” Tuttle's look into the fu- ture was not in vain for a Chicago court has changed the “spendthrift” fund to a “divorce” fund. Gets $100 a Week The court has ruled the younger ; Tuttle's wife is entitled to a divorce jon the grounds of desertion and ali- mony of $100 a week to be taken | from the “spendthrift” fund for the ‘ . : ‘care of herself and her son, William rick faces trial for the murder; yet Westionings by officials here, but so} scx far has told nothing that either gives{ Pierce Tuttle, 3. Tuttle abandoned his wife in Paris last year. That is what Mrs. Agnes Tuttle told Justices Scanlan, Barnes and Gridley of the Chicago Appellate court who affirmed a ruling Circuit Judge Klarkowski in the Tuttle di- vorce case. Continuing the cruelty to his wife that he had practiced on his father, ‘Tuttle deserted his wife in Paris, came back to the United States, collected all of his gatherable property and re- | turned to the play capital of the world. Mrs. Tuttle came home and filed the divorce bill. Courts Have A Heart But the court would not allow Mrs. Tuttle and her son to suffer finan- cially because her wealthy husband lee left their jurisdiction. i trustees, Seward M. Gunderson and | Joseph Simons, who opposed payment ‘of alimony from the income, the |court held there was no indication jin the elder Tuttle's will that he in- j tended to bar his son's family from the benefits of the fund. Attention was called to the fact that in his will, antedating the codi- cil that created the trust fund, the | elder Tuttle made this provision: ! “To my son, William J. Tuttle, in ‘return for the care, sorrow, and dis- j appointment he has caused me all the days of his life, for his dissolute career and graceless disobedience, {his perjury, his disrespect and { mosity, I do give and bequeath the sum of $10 to buy a mourning ring and the memory of a misspent youth.” OTTO KAHN DECLINES the “divided reception” that greeted his selection as treasurer of the Re- publican senatorial campaign com- the post. Announcement of his selection had been made by Senator George H. Moses of New Hampshire at a dinner last Thursday given by Jeremiah Mil- oa ‘Huston, Son_Is_ William J. Tuttle, Scion of Daw- \{ Protects Employes FORETHOUGHT CAME TRUE | ‘Spendthrift’ Fund Created by When William P. Tuttle, one-time North Dakota land tycoon and later New York, Oct. 30.—()—Because of | is being sought is North Dakota Land Tycoon’s yycrppicyy SEI ING: Divorced’ wayp sypopes ny’ -; TOINVESTORS RUSH Chicago. Oct. 30.—(7)—The Herald ;and Examiner said today in a copy. {righted story that Julius Rosenwald, {philanthropist and chairman of the board of Sears Roebuck and company, had “pledged without limit” his per- sonal fortune to guarantee tie stock ; Market accounts of the 40,000 em- | ployes of his company. | Mr. Rosenwald decided to take this |action, the paper said, following the market drop last Thursday. To John Higgins, a vice president, was dele- gated the duty of seeing that the em- Ployes' accounts were protected. Higgins immediately looked up the accounts of all employ not only in Chicago but every where the company has branches. When he found an employe carrying an account on which, in the present bear market. his margin had grown too narrow for safety, Higgins com- municated with the broker handling the account. “We simply put up the collateral so that our en:ployes shall be able to weather the storm,” Higgins ex- plained. The present action, it was ex- plained, applies to all employes stack accounts, no matter what stocks the employes hold. (KARLSRUHE FARMER |HELD AS ACCESSORY IN TORTURE ROBBERY | Despite the opposition of the fund |Neighbor of Man Stabbed in/ financial forces had been underta!:- | Feet and Robbed Is Second | Placed Under Arrest i | —— | Minot, N. D., Oct. 30.—()—Ben Streifel, farmer living near Karl- sruhe, is under arrest and held in the county jail at Towner, charged with being an accessory before the fact in the recent torture robbery of Joseph and George Krimm near Karlsruhe, it was announced today by Sheriff James Scholl of McHenry county, Coincident with the announcement jof the arrest of Streifel, the Mc- Henry county sheriff made it known that Clifford Johnson, Minot, is be- ing sought as one of the three bandits who robbed the Krimms. Arthur Zimmerman, Minot, is held in the county jail at Towner, charged | with robbery, having been’ arrested | Shortly after the crime was com- : Strong Buying Support Pro-id vided by Powerful Finan- cial Institutions H CURB BROKERS’ FIRM FAILS‘ Market Shows Evidence of Ha ing Definitely Turned Up- ward From Collapse New York, Oct. 30.—(—Powerfut buying support, suppHed by some of the country’s largest financial insti- 4 tuitions and wealthiest individuals, 4 including John D. Rockefeller, Sr. and § his son, turned the course of stock % Prices definitely upward today after a Week of disastrous selling by panic- © stricken investors and speculators throughout the world had washed away more than 25 billion dollars in & | Quoted values, Gains of $5 to $30 a share wero quite general on the New York stock exchange, and were well maintained, with correspondence advances on the New York curb market and the other security exchanges of the country. Leading Nov York bankers, mect- ing in informal conferences at the offices of J. P. Morgan & Co., re« Ported the situation was distinctly improved. Delay Exe Opening With every indication the wave of selling hysteria had passed, governors of the New York stock exchange met this afternoon and decided to delay the opening of the exchange tomor- row from 10 a. m. to noon, and suse Pend business on Friday and Satur- day, in order to give over-worked em= ployes of brokerage houses and the stock clearing corporation an oppor tunity to catch up on their sleep. The exchange will reopen for busi- ness on Monday at the usual hour, but will be closed again Tuesday, election day. which is a legal holiday in New York. The Chicago Stock Exchange also voted to delay tomorrow's opening and to close on Friday and Satur- day. Similar action will be taken by 9 the New York curb exchange. Confidence Is Restored Developments in the stock market situation today indicated that a mo- bilization of the country’s leading en to calm the wave of hysteria, and | restore confidence in the securities markets. John D. Rockefeller, Sr., who rare- ly speaks for publication, authorized the statement today that he ané his son “for some days have been pur- chasing sound common stocks.” “We are continuing and will con- tinue our purchases in substantial amounts at levels which we believe represent sound investment values, he added. The New York Stock Clearing cor- Poration reported that all trades in yesterday's record-breaking 16,000,- 000 share session had been cleared (Continued on page nine) WINTER HOLDS SWAY mitted when Joseph Krimm and his m TREASURER | Son, George, declared, upon seeing | Zimmerman in this city, that he was ‘one of the bandits. The other robbery defendant who Terry Jerome, whose true name is said to be Hozen, and who left Minot shortly after the crime was committed. Johnson, who was a carpenter, has also left Minot, it is reported. Robbery warrants have been issued for both Jerome and Johnson, and the McHenry county sheriff, Post- ed a reward of $150 for ion leading to the apprehensi f Jer- ome and $50 for the arre: John- son. Sheriff Scholl said lans to "| request the McHenry county com- missioners to increase the reward for Johnson's arrest to $150. Killdeer, N. D., Oct. 30.—(%)—In- quest into the death of Mike Ska: chenko, Killdeer farmer who died in convulsions recently after drinking IN ROCKY MOUNTAINS Snow Blanket an Inch to a Foot Thick From Montana Into New Mexico Denver, Colo., Oct. 30.—()—Win- ter held s1 F; Mexico in the eastern tier of the Rocky Mountain west today, but the seeiet forecasts indicated relief in ht. jee greater Proportion of the en- ire area was uni a covering snow that ranged from a of one inch in the valleys to a more in the higher altitudes. In some Places drifted snow made motoring